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AMP Limited has announced that a former CEO of Bendigo and Adelaide Bank will join the board from 1 July 2021. Michael (Mike) Hirst, who was CEO of Bendigo and Adelaide Bank from 2009 to 2018,
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HSF advises ISPT on Australia’s largest sustainability linked loan
Herbert Smith Freehills has advised ISPT Pty Ltd (ISPT) on the restructure of A$2.8 billion in bank facilities to sustainability linked loan facilities for ISPT’s flagship fund, the ISPT Core Fund. The restructure represents the largest sustainability linked loan facility announced in Australia to date.
The restructure of ISPT Core Fund’s two facility agreements involved five joint sustainability coordinators (ANZ, CBA, HSBC, NAB, and Westpac) and The Bank of Nova Scotia as an additional lender and linked four of ISPT’s environmental, social and governance (ESG) targets – emissions, water usage, labour certification and waste – to the interest rate margin payable on its debt.
Sonya Sawtell-Rickson, HESTA chief investment officer (CIO), said his appointment would continue to build on the internalisation program that would see management of fixed interest and cash begin to shift in-house in 2022.
“Stephen will be leading the next phase of our internalisation journey, as we move to internally manage fixed interest and cash instruments,” Sawtell-Rickson said.
“It’s exciting to have Stephen come on board as he has a proven track record of investing significant portfolios, managing highly successful teams and leading strategic thinking.”
Howard said he looked forward to joining HESTA and being part of an innovative and leading investment team with strong growth plans.
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